For newcomers who are unfamiliar with the markets, forex trading might be scary. As a result, the first critical step for beginning forex traders is to ensure they choose the finest forex broker and platform.
To make it easier for beginner forex traders, we have compiled a list containing some of the best forex brokers that cater specifically for novices.
Khwezi Trade, a well-regulated South African online forex and CFD broker, was established in 2013 and provides a broad choice of tradable instruments using the sophisticated, popular MetaTrader 4 platform, which can be accessed over the web or downloaded to PCs and mobile devices.
Khwezi Trade provides a streamlined trading environment, incorporating the latest technology to ensure the best order execution, ensuring that traders’ orders are fulfilled with little slippage and at the best available pricing.
Khwezi Trade is a multi-award-winning broker that is regulated by the Financial Sector Conduct Authority, with multiple industry awards, including the Global Brands Magazine’s Best Broker in South Africa for 2019 and 2020. In addition, Khwezi Trade is a leader in the online trading industry that recently obtained an Over-the-Counter (OTC) license.
Well-regulated South African broker that is an FSCA-licensed OTC derivatives provider
Limited account currency options
MetaTrader 4 provided across devices including the web, desktop, and mobile platforms
Limited funding options
Trading tutorials, educational material and market analysis provided
Individual stock trading not supported
A dedicated account manager is provided when traders register a live account
There is a choice between retail trading account types
IG is a well-established broker that has been in business since 1974, providing the finest trading conditions in the overall market to over 200,000 traders from all over the globe. Through innovative and user-friendly trading systems, South African traders may trade over 17,000 different tradable instruments.
IG’s pricing structure is straightforward, with no hidden costs, and traders can be certain that they are receiving the best available prices and consistent transaction execution speeds. Beginner traders, as well as pros and institutional investors, are all welcome at IG.
Free trading signals provided through a reputable third-party software
Inactivity fees are applied
Comprehensive educational material provided
A high minimum deposit is required when traders register a standard account
A wide range of advanced trading tools is offered to experienced traders who want to add a competitive edge to their trading
Powerful and user-friendly third-party trading software provided in addition to proprietary trading platforms
Competitive spreads and low commissions charged on forex pairs and other instruments
Multi-regulated broker with a high trust score
Withdrawal and deposits are free on the payment methods supported
FIX API DMA trading offered to professional traders
Plus500 is a well-known broker that provides traders from all over the globe with access to more than 2,000 different trading products including metals, commodities, options, ETFs, foreign currency, and more.
Plus500 enables traders to trade using contracts for difference (CFDs), which allows them to speculate on price changes and trade long and short positions without having to hold the underlying asset.
Since 2008, Plus500 has provided complete trading services and is a member of the FTSE 250 Index, which is traded on the London Stock Exchange’s Main Market for Listed Companies.
Plus500 has several authorised subsidiaries in several jurisdictions around the world
Fixed spreads are not provided
User-friendly proprietary trading platform that supports social trading
There is an inactivity fee charged on dormant accounts
Commission-free trading offered on all financial instruments and standard accounts
Flexible account funding options offered
Wide range of tradable financial instruments
AvaTrade is one of the industry’s leading online brokers, offering over 1,250 financial products across a variety of asset classes including forex major currencies, minor pairs, and exotic currency pairs along with commodities, precious metals, options, and several others.
Although AvaTrade only offers one retail account and one professional account, both types of accounts are packed with a variety of versatile, dynamic features that appeal to both novice and professional traders.
AvaTrade also provides traders with a variety of trading options, instructional resources, trading tools, and a flexible, creative desktop platform.
Multi-regulated and multi-award-winning forex broker with a high trust score
The typical spreads are not the tightest
Fixed and tight spreads offered on the retail investor account
Limited selection of retail investor accounts offered
Commission-free trading offered on forex pairs and other instruments
Variable spreads are not provided
Proprietary trading platform with other flexible trading platforms offered
Social trading opportunities provided through powerful proprietary trading platforms and mobile trading apps
Alpari, which was founded in 1998, is an internationally recognized, well-established, and well-regulated broker with a customer base of more than 2 million customers from over 150 countries. Alpari provides a wide choice of FX and CFD products, as well as narrow typical spreads, rapid execution, and innovative trading technology.
Alpari provides a secure, fair, and transparent trading environment for beginner and advanced traders. In addition, the broker has received several international industry awards, demonstrating that its brand and services are trustworthy.
Member of the Financial Commission providing investor protection
Fixed spread accounts are not offered
Offers MetaTrader 4 and 5 through which trades can be carried out
Limited tradable instruments available
Trading signals are provided through AutoChartist
Lack of comprehensive education material
PAMM Accounts are offered to fund managers
The newsfeed is streamed through FxWirePro
Axi was founded in 2007 and it is one of the best online forex brokers that accept traders from around the world despite their experience level, trading skill, or prior trading knowledge.
Retail traders in over 150 countries may use Axi’s services and solutions, which include narrow typical spreads, low slippage, reliable transaction execution, and multilingual customer care.
Beginner traders can expect to participate in global markets in a safe, highly regulated, and transparent trading environment with Axi, knowing that their best interests are always prioritized.
Multi-regulated and trusted broker with a high level of trustworthiness
MetaTrader 5 is not offered
Competitive spreads are offered to consist of raw and tight spreads
There may be restrictions on the maximum leverage that is applied to accounts
Low and competitive commission charges all types of accounts
Flexible funding options are provided for easy deposits and withdrawals
Deposit fees and withdrawal fees are not charged
Powerful and advanced trading tools offered
Trading 212 is a well-regulated broker and comprehensive forex trading platform that has been in business since 2006. Trading 212 is well-known for its diverse range of tradable assets that are spread across many financial marketplaces, providing advanced traders with true versatility and diversification.
Trading 212’s top-rated mobile trading app is available for both iOS and Android smartphones and is appropriate for both beginners and pros. The Trading 212 forex trading app has more than 40,000 user reviews and a high rating on both the App Store and Google Play, with over 14 million downloads.
Intuitive and user-friendly proprietary trading platform supplied
MetaTrader platforms are not supported
Low minimum deposit requirement
Islamic Accounts are not offered to Muslim
Flexible funding options supported
Thousands of tradable instruments are available across different global financial markets
Well-regulated and safe broker offering trading for beginners
FXTM was founded in 2011 and is one of the best international brokers that offer over 250 financial products that can be traded ranging from major forex pairs, commodities, minor currencies, stocks, indices, precious metals, CFD trading, and more.
FXTM is highly rated for its low trading commissions and user-friendly trading platforms that work on mobile, desktop, and different web browsers.
FXTM provides beginner traders with a wide range of training resources, trading tools, and a choice of flexible and dynamic account types, each with custom-tailored conditions for each forex trader.
Well-regulated broker with a high trust score
An inactivity fee is charged on dormant accounts
Tight average spreads are offered along with reliable trade execution speeds
Offers a range of trading instruments
Commission-free trading is offered
Low minimum deposit requirement when traders register for an account
Multilingual customer support service offered as well as demo trading with virtual funds
Markets.com is a reputable broker that offers a diverse choice of markets spanning across a variety of asset classes. Markets.com has an impressive user base consisting of more than 5 million registered traders with annual trading volumes in the hundreds of billions of dollars.
Markets.com has been named one of the Best Trading Platforms in the past few years for providing traders with user-friendly, versatile, and robust trading platforms.
Markets.com provides comprehensive educational tools, dedicated customer service in many languages, and a variety of sophisticated research tools to help traders gain a competitive advantage.
Large range of complex instruments available including currency pairs
Inactivity fees are charged after 3 months of inactivity
Well-regulated by reputable market regulators in several areas
Offers powerful forex trading platforms and mobile apps when trading forex markets and other instruments according to the investment objectives of traders
Deposit fees and withdrawal fees are not charged on deposit methods or withdrawal options
Flexible account funding options offered in addition to the benefit of negative balance protection
Commission-free trading on forex pairs
FxPro, a respected UK-based NDD broker, was founded in 2006 and is licensed and overseen by the Financial Conduct Authority, CySEC, Financial Sector Conduct Authority, and SCB to operate in 173 countries, subsequently accommodating over 1.3 million customers.
FxPro has over 260 traded instruments, and because of its NDD execution policy, traders can expect some of the finest pricing via Quotix, FxPro’s proprietary aggregator that gathers quotes from over 12 different liquidity providers such as central banks, hedge funds, and other financial institutions.
In the last 15 years, FxPro has received more than 75 industry awards and has established a solid reputation as a reliable broker that prioritizes the needs of its clients.
Premium trader tools provided to experienced forex traders when they trade the foreign exchange market and other asset classes
Social trading is not supported
NDD Execution model with instant executions and the option for leveraged trading
There are no managed accounts offered
Well-regulated in several areas by reputable market regulators
The average spreads are not the tightest
Offers a choice in forex platforms and negative balance protection on accounts
Commissions are much higher than other brokers
Offers competitive trading costs to all traders despite their trading experience
Regulation and authorisation with a known and trusted market regulator, the provision of a free demo account for virtual trading which has virtual funds, a reasonable minimum deposit requirement, adequate educational material, and excellent customer service.
The first is to start learning about forex and how the market works by accessing educational materials, e-books, tutorial articles, online courses, and several others.
The next step is to start practising trading in a virtual environment where real money is not at risk. Once you start trading, control your position sizes, use risk management tools, and follow a solid trading plan.